Startups surely have the overflowing entrepreneurial passion and drive to create new services and products that disrupt markets, but usually lack the relevant resources and experience to turn their creative ideas into a reality. Because of that, big companies are likely to be fundamental regarding with the growth plans of startup business, with the latest statistics report revealing 70% of startup business feel big corporates are vital to their success. The major reason behind why startup businesses want to collaborate in the corporate world is because corporations can be the primary consumer for the service or product they offer. Through working together, they can be able to make sales opportunities in an immediate manner, which can greatly help in building credibility and funds or obtain feedback and insights to rework their approach when it comes to selling to big companies in the future.

Furthermore, even if a certain company has a solid innovation practice, still, there could be multiple individuals with varying remits, and they’re most likely to be inundated with approaches that are unsolicited. Finding the right contact as well as getting that first step can only be achieved by finding dedicated networking events and accelerators that are specific to every industry, for startups and corporates to meet. It is at this point that startups can be able to build connections and foundations to help inspire one another.

However, prior to this instigating and networking conversations with the big companies, startups should carefully research each corporate they are primarily interested in before pursuing a business relationship with them. Even if it means talking to current or former partners, it is very crucial to know firsthand what it’s like to work with the large companies. Asking related questions like “Has the company worked with startup businesses before? Were they successful? How did it go?” will help you set more realistic expectations in the long run.

Make Sure Your Intentions are aligned

Even though there is no doubt that big companies in the corporate world are becoming increasingly inclined on the need for greater innovation, it is still essential for startup business to make sure that they are totally confident in how the corporate-startup relationship should work them too. Therefore, it is important for both companies to share common values, aside from the fact that the objectives for their business should be complementary. It is because anything less can be a hindrance to a successful business partnership.

An expert stressed the importance of this by saying that it is hard for startup business to get used to giant corporates, most specifically with their ways of working and agendas. He added that any startup cooperation has to make sense even from the start with a clear use of focus. Most large companies in the corporate world even say that they do not have any problem finding startup business; however, their challenge is how to find the relevant startups that can be able to support their business objectives as well as get the balance right. In fact, with every corporate-startup relationship there are many challenges, they usually include expectations, vocabulary, or scaling issue, but having the most appropriate strategic fit with a large company in the corporate world can make it much easier to overcome all these obstacles. Through aligning objectives and intentions,corporates and startups can learn too much from each other. The big ones can learn to be leaner and more agile, while the startup businesses can be able to learn more about running a profitable and stable business in the long run.

Factor in a Slower Pace

A highly experienced startup business will completely understand the importance of working with giant corporations but will also be able to appreciate the involved difficulty in making these certain business relationships work. In addition, even those more innovative corporations can be a bit slower, difficult to approach as well as hard to read. This is typically because a large corporation experiences in the long steady process of approvals and decision making that can usually take months. This data is demonstrated with around half (48%) of those startup businesses that have collaborated with giant corporations spent over 6 months trying to have a deal closed with them.

Obviously, this hesitation and slow pace can really be frustrating for an entrepreneur that is otherwise fast moving. However, instead of walking away, startup businesses must think about the most ideal ways to handle this challenge by factor in the longer timing into their business plans to make sure that their expectations are stay aligned and deadlines are not missed.

In this guide, you will find extremely helpful tips that are recognized as the heart of good management and can help you in developing a much stronger relationship with all the people in your business, most especially your employees.

An Effective Leader Builds an Open Communication Atmosphere

An open communication is a big factor in the satisfaction and productivity of your employees. An employee should be able to openly approach and talk with their boss or leader. On the other hand, an effective manager should invite suggestion as well as constructive criticism. An effective leader or boss solicits feedback as well as discuss current problems and ideal solutions instead of waiting for the employee to initiate communication. An exceptional manager truly cares about his employees and he has the ability to realize how critical the worker feedback is when it comes to the productivity of the entire organization.

Trust is the Key to a Great Working Relationship in the Organization

Do you really consider yourself to be fair and honest? Do you honestly evaluate your weaknesses and strengths and your employees’ as well? Do you deliver timely promises when you have given them to your employees?

The best managers or bosses deal with their people in the way that they’d love to be dealt with themselves. The feelings of employees about work, no matter how significant it is, must be important to the overall management in the organization. This means you should deal fairly with every employee, not allowing personality difference or favoritism to affect judgment. When an employee trusts their boss or manager, they are more motivated to much greater achievement, loyalty, and overall productivity in their work.

A Supportive Boss or Manager Motivates Employees

A boss should support all their employees whenever necessary. The notion that you work together and you are a team actually develops a sense of security and openness for employees. They should be appreciated publicly when appropriate, as well as constructively corrected in private whenever necessary. Always remember that problem solving requires mutual effort and a supportive manager has empathy and compassion for their employees, enabling your organization to become a great working environment.

A Supportive Leader Has a Sincere Interest in Their Employees as Individuals

A good boss takes time know their employees individually in terms of their needs, goals, personality as well as learns a few information about their personal lives as well. Such managers get the optimal performance since they have the ability to bring out the unique abilities of each worker. The manager that is capable of making their employees feel personally significant and important can also generate the most loyalty and productivity from the workers.

A Good Manager Helps Each Worker Reach Their Maximum Potential

Career planning and goal setting are both integral in this process. As workers are encouraged, their responsibilities and independence are eventually increased. As a matter of fact, employee’s creativity and productivity is stimulated opposing to the demanding adherence to prescribed patterns and rules.

A Good Leader or Manager Gives Honest Feedback

This is considered as one of the most vital aspects of a manager-employee relationship. Whatever it comes across, honest feedback must be given to your employees on a regular basis. An effective leader makes sure their employees get timely, adequate and honest feedback about their performance, whether it’s right or wrong. Bosses or managers who recognize the accomplishment of their employees are often far more effective compared to those who are known to be dreaded due to their tough relationship and being rude to their employees. Whenever you have to give negative feedback to your employee, it should mainly focus on the wrong or inappropriate behavior, and not the worker as an individual. When you have to give negative feedback, make sure that you talk to that person in private so you know how he or she is going to take the criticism while not letting his or her colleagues know. Ask your employee how he will take action about the mistake he has done and always have more room for second chances.

Be a Good Example

As a boss, leader or manager, you should set a good example when it comes to your behavior. For example, if you show less professionalism, your employees will do the same. If you always arrive late at the office, your people will be less punctual. If you’re the type of person who loses his temper easily, your team will be amiss to keep their emotions in check. In short, your search for ideal perfect worker starts from you.

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Startups surely have the overflowing entrepreneurial passion and drive to create new services and products that disrupt markets, but usually lack the relevant resources and experience to turn their creative ideas into a reality. Because of that, big companies are likely to be fundamental regarding with the growth plans of startup business, with the latest […]

In this guide, you will find extremely helpful tips that are recognized as the heart of good management and can help you in developing a much stronger relationship with all the people in your business, most especially your employees. An Effective Leader Builds an Open Communication Atmosphere An open communication is a big factor in […]